3 Reasons for New Entrepreneurs to Consider Having a Mentor

3 Reasons for New Entrepreneurs to Consider Having a Mentor

When you decide to become an entrepreneur and run your own business for a living, probably one of the furthest things from your mind is a having a mentor. Understandably, you’re excited about starting your new journey, getting to take charge, going out there and doing something on your own. However, while you may have a great idea, there’s a lot of risk involved with trying to build a brand and company if you have little past experience.

Many experienced entrepreneurs will tell you that they learned from trial and error in the early days. Often, this can be more error than anything else, and mistakes can cost you dearly when you’re trying to make a living from being your own boss.

Thankfully, the good news is that business mentors are out there. They can help and guide you to making the right decisions for your company. They can provide a fresh perspective with ideas and tips that you might never have thought about on your own. Here are some of the best reasons to invest in business mentorship as a new entrepreneur.


Reason #1. Mentors Provide Knowledge and Information

If you have just started your own company, you might be feeling overwhelmed with the amount of work that’s needed to grow and expand it. If, like many entrepreneurs, you have high hopes and ambitions for your company, then it’s essential for you to learn as much as you can about running a successful business.

Then, you need to put it all into practice.

There’s only so much you can learn from reading business self-help books and searching the internet. All of that research still doesn’t give you the kind of hands-on knowledge that you need to run a business and secure your success. A business mentor can provide you with real-life advice and information based on their own past experiences of entrepreneurship.

Reason #2. Mentors Offer Feedback

As an entrepreneur, it can often be difficult to track your own progress and understand what you’re doing well and what needs to be improved. In a regular job you’d be subject to regular appraisals from your line manager and get feedback from your superiors about your performance. However, being an entrepreneur means that you need to constantly evaluate your own performance. That’s a task which is easier said than done. An experienced business mentor can be there to observe how well you are doing. You mentor will provide you with feedback that can help you to make better business decisions for the future.

Reason #3. Mentors Offer Encouragement

Being an entrepreneur is not easy. As a matter of fact, nine out of ten small businesses fail within a short time. Therefore, it’s no surprise that those heading down the route of business ownership can often end up feeling disheartened. Some reach the brink of giving up, and many do just that. However, a business mentor can be there to offer encouragement when you need it the most. A good mentor will shine some light on your business, even during dark times.

For an example, look at Tai Lopez. Today he’s a successful entrepreneur and works as an advisor, partner, or investor to more than 20 multi-million dollar businesses. He has also founded successful companies of his own. But it wasn’t always this way. He dropped out of college to pursue his dream of business ownership. However, it wasn’t until he managed to persuade five successful business owners to mentor him that Tai was able to finally stop sleeping on his parents’ sofa and start to see the fruits of his labor.

These are just some of the best reasons to pair up with an experienced business mentor as a new entrepreneur. We hope they inspire you to find a mentor of your own.